OCEAN ONE

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114 - 222 N. Federal Highway Mixed-Use Redevelopment Project

PROJECT LOCATION: 114 - 222 N. Federal Highway
DEVELOPER(s): Hyperion Group LLC
BBCRA DISTRICT: Downtown
BBCRA FUNDING:
- ACQUISITION: $900,000 for 222 N. Federal Highway
- TIRFA: $11,500,000

PROJECT DESCRIPTION:

In January 2018, the BBCRA entered into a Purchase and Development Agreement for the BBCRA-owned property located at 222 N. Federal Highway. Combined with the privately owned parcel to the south at 114 N. Federal Highway, the 3.5 acre site has always been a key redevelopment site in the Downtown District.

In March 2023, the development team BB1 Development LLC, also known as the Hyperion Group, received site plan approval for a mixed-use project known as Ocean One. The project site consists of 371 residential rental units as well as approximately 25,000 square feet of retail and commercial space.

On May 14, 2024 the BBCRA Board approved a Tax Increment Revenue Funding Agreement (TIRFA) for a maximum of $9,000,000 over a 12-year term. In return, Ocean One will provide 90 public parking spaces with 20 on-street public parking spaces in perpetuity with 20% of the parking revenue to be shared with the BBCRA.

On May 23, 2025, the CRA received a request from BB1 Development for additional funding. The request was evaluated and presented to the CRA Board at their December 9, 2025 meeting. The Board approved an additional $2.5 million bringing their total TIRFA to $11.5 million.

The project is currently in permit application review with the City's Building Department.